eToro Surges 20% on Crypto Revenue as Coinbase Disappoints

Tuesday, February 17, 2026, eToro (ETOR) stock closed up about 20%, supported by better-than-expected quarterly results and the still central weight of crypto in its model. Even in a less euphoric market than in 2024, Wall Street liked the message: eToro makes money, and the platform remains a crossroads between crypto and traditional finance.

A Stock Market Leap That Tells a Simple Story

eToro posted an adjusted earnings per share of $0.71, above analysts’ estimates. The market loves this kind of surprise, especially when “crypto stocks” are considered sensitive to the cycle. Behind it, the figures must be read with the right pair of glasses.

Under IFRS, eToro shows very high “gross” amounts on crypto, but with a cost that almost cancels out the effect. Result: operational performance is better read through indicators like net contribution, which the company highlights.

What especially appealed was the feeling of solidity. The markets did not just buy a quarter. They bought the idea that eToro knows how to “monetize the flow,” even when crypto volumes become more irregular.

Crypto Remains the Engine, Even When It Makes Noise in the Accounts

eToro embraces a trajectory: positioning itself for a finance “increasingly oriented towards blockchain,” according to CEO Yoni Assia’s words. In other words, crypto is not an ancillary product. It is a pillar of storytelling, brand, and revenue.

For the fourth quarter, the company highlights a strong contribution from crypto activity in its reported revenues, even if the IFRS presentation makes the reading less intuitive for the general public. It is the usual paradox of platforms that “deal” with assets: the gross lines impress, then the real margin hides elsewhere.

And yet, the signal is not fragile. For the year 2025, eToro announces a net contribution of $868M, up about 10% year-over-year. The market understood one thing: crypto can slow down, but eToro seeks to turn this volatility into retention and diversification.

Crypto Clients Sliding Toward Gold: Trivial Detail or Real Pivot?

The most interesting part perhaps comes from the investor conference. Assia explains seeing crypto clients start trading commodities. It is an unusual image: the memecoin trader discovering gold, not through financial culture, but as a volatility reflex.

Reuters also notes that activity was supported by strength across several asset classes, with notable focus on commodities. eToro even launched 24/7 trading on gold, its first continuous “non-crypto” product. This is not a gimmick. It is a marker of convergence between the expectations of the crypto clientele (always open) and more traditional markets (normally timed).

But there is a second level of reading. In January, eToro reports a decline in crypto trades (in volume) compared to last year, while the total number of transactions increases. The implicit message is almost psychological: less crypto frenzy, more “portfolio” gestures. And for Wall Street, that is often more reassuring.

Why Wall Street Follows, Despite Less Flamboyant Crypto

The comparison with Coinbase and Robinhood circulated in coverage of the story: eToro appears as a “crypto” stock that does not depend on a single faucet. When crypto sneezes, the platform can still breathe through stocks, currencies, commodities.

Basic metrics support this idea. Assets under management grew year-on-year (around $18.5B), and funded accounts continued to increase. It’s not glamorous, but it’s what institutional investors like to track: inertia.

Finally, eToro is no longer a private promise; it is a listed company. It completed its IPO on May 14, 2025, on the Nasdaq. Since then, each quarter serves as a vote of confidence. This time, the vote is clear: the market sees eToro as a credible gateway to a finance where crypto does not disappear, it blends.